MONTREAL — Quebec’s main pension fund manager earned a return of 4.5% on its portfolio in the first six months of 2013 as it said the global economy showed signs of greater “normalcy.”

The Caisse de depot et placement du Quebec’s net assets increased to $185.9-billion at the end of June, up from $176.2-billion at the end of 2012.

The Caisse’s performance for the first six months of the year compared with a gain of 3.5% in the same period a year ago and 3.7% in the first half of 2011.

Chief executive Michael Sabia says the global economy is showing signs of returning to greater “normalcy” as the United States enters a more solid growth phase and the Chinese economy slows to a more sustainable long-term pace.

The Caisse manages investments primarily for public and private pension and insurance plans in Quebec.

Over four years, the Caisse reported an average annual return of 10.5%.

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